Harvey Reese Associates - Money4ideas.com

I`m somewhat miffed at some of the misinformation provided here --- there are few absolutes in inventing. Yes, Harvey should be more forthcoming with his references --- not for his acceptance rate, but for the satisfaction with his invention reviews. But to spend money on a patent or even patent pending is irresponsible if you haven`t established marketability. Fewer than 3% of patents make more money than was spent on obtaining the patent, and I know a number of inventors that let their patents lapse because they aren`t providing value, because they`ve either captured the market or missed it. I do believe in patents, but not as a first step, and not without knowing what`s worth patenting. The inventors group I`m the president of evaluates inventions for our members, and I`ve seen patents that were obtained through the scam organizations (check out the many fraud sites and the USPTO site) that didn`t even cover the inventor`s prototype, or ones that ONLY covered the prototype. You absolutely can license something without a patent (gsamed - please note), but a patent will open more opportunities. Patents only allow you to pursue an infringer --- said another way --- they only allow YOU to protect your invention, and that takes more money. While I don`t know Harvey personally, I`ve heard reasonably good things about him, and his web site and books do provide valuable information. I know Mike Collins from Big Idea Group (a group we recommend) says they take maybe 1 in 100 inventions they`re presented with, and for some types it`s 1 in 1000. Everybody thinks they have that 1 in 100, but 99 are wrong. I suggest having 100 ideas if you want to increase your odds. As a venture capitalist once said to me, good ideas are a dime a dozen, and chances are someone has already invented what you`re thinking of, or something close. I find this to generally be true, and discourage anyone from spending a lot of money on something unless they have the money. Successful inventors don`t have ideas --- they have inventions ---- ideas put into action. Nobody will be 100% correct with evaluating the odds of an invention being successful --- there are too many variables. But hard work is one component that will always be essential, and you need to stick with it. If you truly believe in it, go for it!

Gary - good question. The key point was making sure the idea is worth pursuing before patenting. That`s where independent inventor organizations like ours (American Society of Inventors -- asoi.org) and others, potentially including Harvey Reese, come in handy. For instance a few weeks ago we had a young lady join our group and she was convinced she had a million-dollar idea. She was so excited she couldn`t sleep, and was about to pursue a patent. Fortunately she joined our group first, and I suggested she wait for an invention evaluation before jumping in (we had an opening the next week). In the end, while it was a novel idea, the development costs would have been steep (and she didn`t have the money herself), with multiple technical challenges resulting in a high price. The current item that it would replace was meeting the needs perfectly well for a few dollars, and it`s a small market (maybe 10,000 of these sold per year). In the course of a half-hour face-to-face review, we discussed different revenue models, different variations, and broader markets, but we couldn`t make the numbers work. We encouraged her to keep thinking of additional ideas. She was disappointed, but understood the challenges and the unrealistic expectations she had with that product. She could have spent $6,000 - $10,000 on a patent, and very likely would have gotten a patent, and then paid the filing fees, and possibly maintenance fees down the road as she burned through her savings trying to make a loser product profitable. She joined our group for $49.00 and saved herself thousands. Maybe there is some other use of this concept that would work if it was sold in quantities of millions, but depending upon the patent wording, another use might not be covered.

Ahh - the battle legitimate businesses and organizations have to face when dealing with inventions. First - TigerTaco, our evaluations ARE free -- members get the full benefits of membership for their $49.00. If it WAS only the evaluation, frankly it`s still a hell of a deal to get to talk face-to-face with 8 - 14 evaluators. Our time is donated, and if you take a cheap consulting rate for 20-plus-year experienced attorneys, engineers, and entrepreneurs, 1/2 hour for 12 people at $75.00/ hour = $450.00 (the attorneys typically charge $250 - $400/hr). If it was a 1 in 100 or 1 in 1000 idea, we provide advice, and in some cases, personal guidance for free. It reflects well on us if we help someone, so we do what we can, when we`re excited about an idea. (see the link : http://philadelphia.bizjournals.com/philadelphia/stories/2009/03/23/focus3.html?b=1237780800%5E1796316&t=printable ) Even with our encouragement, few people ever take their inventions to fruition. When you look at enough ideas (and yes, there are new ideas), and read enough patents, and see people who visit us after they`ve wasted tens or hundreds of thousands of dollars, you understand there aren`t too many inventions that are exciting, meaningfully patentable, and within the resources of the inventors presenting them to actually deliver to the market without significant risk. The low percentage of "hits" is why inventors frequently get a negative response from legitimate folks. Access to the "resources" is the main reason people like Harvey Reese are important, and whatever they offer is better than if the invention never launches --- they`re saddling the risk. If you present a crappy idea (or even a previously patented idea) to a scammer, they`ll still like the idea, and slowly suck all the money out of your wallet! Saying no to something is actually a sign of legitimacy. The price of entry is $185 or $0 or $350 or $1,500 (typical evaluation prices) -- just to separate the believers from the casually interested.

Raj --- There are always people who will steal your idea, and there are ways to protect yourself without a patent, prior to a public unveiling of your product. An Inventors Notebook is essential --- after all, we`re a "first to invent" country --- for now at least. If they make a slight change and copy your idea, then it gets tougher. Documentation is key. Action is essential.

One last thing, TigerTaco -- there is no easy way to quantify whether it is worth investing money to protect your idea. Only you can decide, and everyone`s situation is different. You can`t take that out of the equation. Stephen Key from InventRight www.inventright.com has licensed more than a few products without patents, and I assume Harvey Reese explains how to do this in his books, too. While I`ve spoken with both, I don`t endorse either of these people, as I don`t have personal experience with either of them, however I would tend to place them on the "good guy" side of the line. I already mentioned Big Idea Group (www.bigideagroup.net) as someone we tend to recommend -- they`ll do the evaluation for free.

I contacted Harvey Reece today. Here is the letter I sent to him, his response and my response back to him.

I have some product ideas that I would like to submit to Harley Davidson.

I have been making the club jewelry and accessories for Ugly MC. for over twenty years. This is the motorcycle club that Willie G. Davidson and his son Bill is in. When I started making things for the club back in 1998, I thought it would get my foot in the door for licensing with Harley. It never did. What it did do though is open my eyes to the realities of life and business.

Here is one of my aftermarket products. It is called a derby cover and it goes over the clutch of a 2000 and up Harley Davidson twin cam motor. It's 7" in diameter and made from 6061 billet aluminum .I have 12 other designs, but this is the one that Harley.... emulated ;-)

They have a similar design for derby covers that they call the Willie G. Skull. You can google the term and see the similarities. I've already talked to a few intellectual property lawyers and realize that the similarities are not close enough to violate copyright and trademark laws. That's all right though. I have quite a few other designs and ideas that I have not shown to the public and after being in this business for almost 30 years, I know that if given a license, the Harley Davidson riding public will buy them.

I have been in contact with several people over the years that were supposed to approach Harley for me, but in the end, nothing happened. I'm thinking that it is time to go to a professional to get the job done. And you seem to be the right man for the job.

Take a look at my derby cover and the take a look at the Willie G Skull ( I was making mine for about 15 years before Harley was ) and let me know what you think.

Sorry guys, but you can`t charge license fees for an idea, only for a patented idea. It is completely legal for anyone to copy your invention once they see it manufactured, unless you have patented it. They cannot use your Trademark name for the item, but you have no leverage to extract a license fee unless you have patented the invention.

So sending your ideas off to these "idea evaluation" companies is guaranteed to separate you from your $185, but if the idea is actually a good one, you have also probably lost any ability to license it to anyone, unless you have already obtained your patent.

Don`t be fooled. Generally, the only way to make real money is to start a real company. You can`t just come up with ideas and sit around and collect the royalty checks.

If you have a good idea, a prototype, and a business plan, you can seek funding from angel investors and such, but they won`t charge you a scam "evaluation fee". Any time you see this type of fee, run screaming away!

I have submitted my product and am awaiting my response. I will be happy to share with everyone once I receive my results. Of course my expectation is to be licensed in no time!! We are confident of the product, but I hope Mr Reese is too! Stay tuned.

Ideaguy17, is your idea patented? Or at least "patent pending"? If not, I think you have zero chance of this guy "licensing" your idea. If it`s really good, he`ll just produce it himself - there is no legal requirement for him to pay you for an idea. If it`s not really good, I hope you get $185 worth of feedback to help you improve it...

Interestingly, ASOI, I agree with just about everything you`ve said. Especially about most ideas not being worth the time and money to patent.

However, if your idea IS that one in a thousand that is worth producing and you don`t have a patent on it, why would a company that is going to spend all the money manufacturing and marketing it pay you?

Ideas are a dime a dozen. The time, effort, and money to turn an idea into a profitable business is the only thing that is really valuable. Unless you have a patent.

Is it not possible to make a protoype of an invention and sell it to a company who would take it, find a manufacturer and sell it. I don`t expect to get a % of royalities but just to be paid for giving the protoype to copy. I have a full time job and do not have the knowledge, time or desire to go and patent and manufacture my idea. Am I niave in thinking there should be LEGIT companies who take ideas and send them to market? They have the resourses and know-how and basically pay peanuts for an idea that can make them millions?

PS: i ended up at this site after reading Harvey`s web page and decided to search him out with "scam". I am naturally leary of someone who wants to charge $180 to submit an idea. I don`t want to be scammed and lose my hard earned money.

I am a new inventor I seeking grant money for my inventions does this happens. I have tried these new start up company`s I am taking HSN or QVC they are talking trade shows i in need of an manufactor not a trade show never the less to mention thier price is costly for a working class person

I am going to seek as much help as possiable but I am not paying for a dream been there done that. I have lost money mean while I refuse to allow someone to take advantage of me sharing knowledge with someone should not cost It`s hard enough to get your ideal out there I am taking the safe route.

I contacted them twice their first reply looked promising so I sent a follow up inquiry. To date I have not recieved an answer, I can only assume the type of product was of no interest to them however I did not reveal the product details so no harm done. I have sourced many other websites that have loads of helpful advise and info on ways to bring products to market.

I have decided to set up a business to produce, market and supply my products. I know it will be a long road with many obstacles but I am looking forward to it and even if I don`t make it to the end every road has something of interest along it, I know I will learn lots along the way.

To find these websites just keep browsing the internet with words like "Product Marketing" "Ideas to Market" etc, I am sure you will find sites with the info you need.

Also read up on using product development companies who offer assistance in this area it could be time well spent!

Inventit, are you for real? Did someone else write the message you just posted? If it was youself that wrote it I see an oppertunity to make a few dollars if you are happy to throw away $180! I will only charge you $150 and send you a the same info you have already recieved from the company you refer to, as I know you wont mind lossing it! Why don`t you give me the benefit of the doubt as well.

Alternatively you could do a little good with the money you obviously do not need and give it to a deserving charity.

I have a patented idea which I have two large manufacturing companies interested in partnering with me and producing. They are both excited about my idea and nation wide manufacturing companies. I read Harvey Reese's book How to License and decided it sounded easier to fit into my life than partnering and doing all of the hard work producing my product.

Before deciding which way to go I chose to send my idea to Harvey for review. I paid the $189.00 and sent all the information and pictures via his money4ideas website.

I requested confirmation on the items sent and the customer service was brief and unprofessional. I was told my "report" would arrive in a few days.

The report I received was completely factually incorrect. It described something completely different than what I sent. It was like they read someone elses submission and sent the very report to me. It also stated no manufacturing company would say Wow! and that no one would actually use this item.....whats funny is TWO companies LOVE it and want to partner financially with me.

It also stated in the report ," The hard truth is that even under the best circumstances, companies instinctively hate signing licensing deals. They hate paying royalties to outsiders.".. Something his site and book failed to mention.Thought maybe you would like to know this fact before you pay for the pipe dream they sell you.

I paid $189.00 and they did not even read the description of my patent. Huge waste of money. I have asked for my money back since they obviously did not read the submission due to the description being completely incorrect and not even close to what I invented and patented. I will let you know what the response to my request for a refund from Harvey Reese. (stay tuned)

I emailed "money4ideas" a few questions and recieved a response as follows:

1) Can you provide references of people whose products you have successfully licensed?
2) Can you share any financial results of products you have licensed?
3) Your web site shows a few products licensed. Is there a more comprehensive list available?
4) Are you listed with the Better Business Bureau? I could not find a listing in PA.

response
Hello Craig:

I don`t supply the kind of information you`re requesting because it suggests
that I`m being interviewed for the job as your licensing agent -- but that
is not a job that I`m applying for, nor is it one that you can appointed me
to. My only offer, and the only fee involved ($185), is for me to evaluate your
product idea and report back with my impressions, suggestions,
recommendations and estimations as to the idea`s commercial value. There is no guarantee
or promise that I`ll be sufficiently impressed with the idea to offer to take
it further -- and even if I do, you don`t pay me anything. If that was not
your impression, then I`m glad for this opportunity to offer an explanation.

Cordially,HarveyReese

My first question he felt I was interveiwing him and "yes" I was trying to get a reference before handing over $185. Question 2 and 3 were not answered and question 4 -most quality companies are listed with the BBB.

I feel like the organization is really no different than many other inventions websites offering to help. I would guess "money4ideas" makes most their revenue evaluating ideas.

Having read the thread, this is how I imagine things can be for any firm offering services producing reports on whether it will take an idea or patent to licence, or on chances that an idea or patent is likely licenceable by others:

The firm or individual is making good income (thank you very much) on taking $200 dollars (or whatever) to examine an idea or patented idea.

Only really exceptional ideas are taken on, which means that perhaps 99 out of 100 are not taken on. This figure comes out of everything being seen from the firms point of view. That is fine. It's fine if the customer is made aware of where the firm is coming from when it gives it's response to taking the idea to licensing. This has everything to do with the 1 in 100 figure, or 99 out 100.

The other issue is reporting on whether the idea has merit never-the-less. Not talking here of the 99 out of 100 figure. This is very important for the customer. But, this part of a report that can suffer, or the part that can be not adequately done. Because, soon as it is decided the firm is not interested, there is not much motivation to put much time and effort into this part of the report. The money is made already on these 99 out of 100 cases.

Obviously, a good firm will try to do a good job on letting the customer know the merits/problems of the ideas that it decides not to take on to licensing. Possibly the key part of the report for many.

I have submitted my product and am awaiting my response. I will be happy to share with everyone once I receive my results. Of course my expectation is to be licensed in no time!! We are confident of the product, but I hope Mr Reese is too! Stay tuned.